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Old 08-02-2016, 09:17 PM   #7
FlamesAddiction
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https://www.thestar.com/life/homes/2..._collapse.html

According to this if the seller doesn't agree then court needs to order it. ��But it seems to be different in different jurisdictions.

From the article:


In most agreements of purchase and sale, the buyer gives the deposit to the seller’s brokerage to be held in trust. In any case, the deposit can only be released if one of three things happen:

1. The deal closes;

2. The buyer and seller sign a release agreeing where the deposit is to be paid; or

3. A court tells everyone what to do with the deposit.


Sometimes the deal is conditional on the buyer being satisfied by a home inspection and that the buyer has to tell the seller quickly that they aren’t happy. Yet, even if the buyer gives this notice, the brokerage cannot immediately give the deposit back. It needs a mutual release. Why? The seller might have an issue with how the home inspection was conducted. If the inspection wasn’t conducted in good faith, the seller can refuse to release the deposit. This is why it is important for buyers to take any home inspection seriously and use a professional company before attempting to cancel a deal.

For the record, I used a reputable home inspector. I certainly didn't enjoy forking out $400 for an inspection on a home I didn't end up buying. I was actually really sad because I like the house until then.
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Last edited by FlamesAddiction; 08-02-2016 at 10:08 PM.
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